National defense made up the largest portion of federal expenditures in 2009
a. True
b. False
Indicate whether the statement is true or false
False
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The process of deciding on and passing fiscal policy legislation creates:
A. an information lag. B. an implementation lag. C. a direction lag. D. a formulation lag.
A supply schedule is characterized by which of the following?
(A) It shows the quantity supplied at only one price. (B) It lists supply for a specific good. (C) It is sensitive to changes in the costs of labor and parts. (D) It shows the factors that could influence supply.
Which would not be characteristic of a capitalist economy?
A. Competition and unrestricted markets. B. Reliance on the market system. C. Government ownership of the factors of production. D. Free enterprise and choice.
The formula for the elasticity of supply is
A. The percentage change in price divided by the percentage change in quantity supplied. B. The percentage change in quantity supplied divided by the percentage change in income. C. The percentage change in price divided by the percentage change in quantity demanded. D. The percentage change in quantity supplied divided by the percentage change in price.